Russia’s former Finance Minister Mikhail Zadorov said that for a broad transition to regional currencies in trade, the world will need about another ten years of a broad transition.
He clarified that at the same time, at present, the dominant position is occupied by the dollar with a share of 60%.
“The process of gradual development of settlements in regional currencies continues most actively in the post-Soviet space. I think this process will be quite long from a global point of view. We will see the results of these changes over the ten-year horizon,” Zadornov said.
According to him, the predominance of one or the other currency is determined by the costs for the buyer and for the seller of the goods. At the same time, the global financial system is disintegrating, while various barriers are being created.
